Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information (Tables)

v3.21.1
Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following tables present net income (loss) and the components thereto (with net interest income on an FTE basis for the business segments, All Other and the total Corporation) for the three months ended March 31, 2021 and 2020, and total assets at March 31, 2021 and 2020 for each business segment, as well as All Other, including a reconciliation of the four business segments' total revenue, net of interest expense, on an FTE basis, and net income to the Consolidated Statement of Income, and total assets to the Consolidated Balance Sheet.
Results of Business Segments and All Other
At and for the three months ended March 31
Total Corporation (1)
Consumer Banking Global Wealth & Investment Management
(Dollars in millions) 2021 2020 2021 2020 2021 2020
Net interest income $ 10,308  $ 12,274  $ 5,920  $ 6,862  $ 1,331  $ 1,571 
Noninterest income 12,624  10,637  2,149  2,267  3,640  3,365 
Total revenue, net of interest expense 22,932  22,911  8,069  9,129  4,971  4,936 
Provision for credit losses (1,860) 4,761  (617) 2,258  (65) 189 
Noninterest expense 15,515  13,475  5,131  4,496  3,869  3,606 
Income before income taxes 9,277  4,675  3,555  2,375  1,167  1,141 
Income tax expense 1,227  665  871  582  286  280 
Net income $ 8,050  $ 4,010  $ 2,684  $ 1,793  $ 881  $ 861 
Period-end total assets $ 2,969,992  $ 2,619,954  $ 1,047,413  $ 837,522  $ 378,655  $ 323,867 
  Global Banking Global Markets All Other
  2021 2020 2021 2020 2021 2020
Net interest income $ 1,980  $ 2,612  $ 990  $ 1,153  $ 87  $ 76 
Noninterest income 2,653  1,988  5,208  4,073  (1,026) (1,056)
Total revenue, net of interest expense 4,633  4,600  6,198  5,226  (939) (980)
Provision for credit losses (1,126) 2,093  (5) 107  (47) 114 
Noninterest expense 2,781  2,318  3,427  2,815  307  240 
Income before income taxes 2,978  189  2,776  2,304  (1,199) (1,334)
Income tax expense 804  51  722  599  (1,456) (847)
Net income $ 2,174  $ 138  $ 2,054  $ 1,705  $ 257  $ (487)
Period-end total assets $ 594,235  $ 562,529  $ 745,681  $ 654,939  $ 204,008  $ 241,097 
(1)There were no material intersegment revenues.
The table below presents noninterest income and the associated components for the three months ended March 31, 2021 and 2020 for each business segment, All Other and the total Corporation. For more information, see Note 2 – Net Interest Income and Noninterest Income.
Noninterest Income by Business Segment and All Other
Total Corporation Consumer Banking Global Wealth &
Investment Management
Three Months Ended March 31
(Dollars in millions) 2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 1,067  $ 792  $ 835  $ 644  $ 10  $ 8 
Other card income 368  480  354  466  9  9 
Total card income 1,435  1,272  1,189  1,110  19  17 
Service charges
Deposit-related fees 1,495  1,627  831  995  18  17 
Lending-related fees 297  276  —  —  —  — 
Total service charges 1,792  1,903  831  995  18  17 
Investment and brokerage services
Asset management fees 3,002  2,682  41  38  2,961  2,652 
Brokerage fees 1,061  1,076  36  32  430  470 
Total investment and brokerage services
4,063  3,758  77  70  3,391  3,122 
Investment banking fees
Underwriting income 1,546  848  —  —  135  115 
Syndication fees 300  271  —  —  —  — 
Financial advisory services 400  269  —  —  —  — 
Total investment banking fees 2,246  1,388  —  —  135  115 
Total fees and commissions 9,536  8,321  2,097  2,175  3,563  3,271 
Market making and similar activities 3,529  2,807  —  1  11  21 
Other income (loss) (441) (491) 52  91  66  73 
Total noninterest income $ 12,624  $ 10,637  $ 2,149  $ 2,267  $ 3,640  $ 3,365 
Global Banking Global Markets
All Other (1)
Three Months Ended March 31
2021 2020 2021 2020 2021 2020
Fees and commissions:
Card income
Interchange fees $ 146  $ 119  $ 76  $ 21  $ —  $ — 
Other card income 4  4  —  —  1  1 
Total card income 150  123  76  21  1  1 
Service charges
Deposit-related fees 602  572  42  35  2  8 
Lending-related fees 245  224  52  52  —  — 
Total service charges 847  796  94  87  2  8 
Investment and brokerage services
Asset management fees —  —  —  —  —  (8)
Brokerage fees 41  7  560  567  (6) — 
Total investment and brokerage services
41  7  560  567  (6) (8)
Investment banking fees
Underwriting income 654  368  799  455  (42) (90)
Syndication fees 161  146  139  125  —  — 
Financial advisory services 357  247  43  22  —  — 
Total investment banking fees 1,172  761  981  602  (42) (90)
Total fees and commissions 2,210  1,687  1,711  1,277  (45) (89)
Market making and similar activities 31  87  3,470  2,973  17  (275)
Other income (loss) 412  214  27  (177) (998) (692)
Total noninterest income $ 2,653  $ 1,988  $ 5,208  $ 4,073  $ (1,026) $ (1,056)
(1)All Other includes eliminations of intercompany transactions.
Business Segment Reconciliations
Three Months Ended March 31
(Dollars in millions) 2021 2020
Segments’ total revenue, net of interest expense $ 23,871  $ 23,891 
Adjustments (1):
   
Asset and liability management activities 109  (85)
Liquidating businesses, eliminations and other (1,048) (895)
FTE basis adjustment (111) (144)
Consolidated revenue, net of interest expense $ 22,821  $ 22,767 
Segments’ total net income 7,793  4,497 
Adjustments, net-of-tax (1):
 
Asset and liability management activities 83  (77)
Liquidating businesses, eliminations and other 174  (410)
Consolidated net income $ 8,050  $ 4,010 
March 31
2021 2020
Segments’ total assets $ 2,765,984  $ 2,378,857 
Adjustments (1):
   
Asset and liability management activities, including securities portfolio 1,226,930  840,187 
Elimination of segment asset allocations to match liabilities (1,086,268) (665,802)
Other 63,346  66,712 
Consolidated total assets $ 2,969,992  $ 2,619,954 
(1)Adjustments include consolidated income, expense and asset amounts not specifically allocated to individual business segments.